2022 (7) TMI 1410

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..... were allowed. The present appeal filed by the assessee is for the assessment year 2014-15 and there was no other connected appeal of the very same assessee [ 2019 (6) TMI 1698 - ITAT KOLKATA] and the appeal filed by the revenue has been allowed. Decided in favour of the revenue. - ITAT/86/2021, IA No.GA/2/2021 - - - Dated:- 7-7-2022 - THE HON'BLE JUSTICE T.S. SIVAGNANAM AND THE HON'B .....

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..... ransaction in shares cannot be exempted under Section 10(38) of the Act? b) Whether the Learned Tribunal has committed substantial error in law in deleting the addition of undisclosed income ignoring the larger scam of organized tax evasion by way of bogus capital gain generated in penny stock? c) Whether the Learned Tribunal has committed substantial error in law in taken only one lead case .....

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..... income in the form of fictitious Long Term Capital Gain of Rs. 12,47,758/- and claim bogus exemption?'' We have heard Mr. Soumen Bhattacharya, learned standing counsel appearing for the appellant/revenue. Though the respondent has been served and affidavit of service has been filed, none appears on behalf of the respondent. The questions of law raised by the revenue in this appeal w .....

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